Harshad Shantilal Mehta, born on July 29, 1954, in Rajkot, India, was a legendary stockbroker who reshaped the Indian stock market in the 1980s and early 1990s. Known as The Big Bull, he created massive wealth through strategic investments in companies like Reliance Industries Limited, ACC Limited, and Tata Steel, achieving remarkable multibagger returns.
His financial empire included luxurious Harshad Mehta property, a prized luxury cars collection, and vast Harshad Mehta assets, contributing to his harshad mehta net worth of $475 million (Rs. 3542 crores). Despite his success, the 1992 securities fraud and Harshad Mehta scam left an indelible mark on India’s financial history.
Harshad Mehta Profile Summary
| Fact Category | Details |
| Full Name | Harshad Shantilal Mehta |
| Also Known As | The Big Bull |
| Date of Birth | July 29, 1954 |
| Place of Birth | Rajkot, India |
| Parents | Shantilal Mehta, Rasilaben Mehta |
| Education | Bachelor’s in Commerce, Lala Lajpatrai College |
| Profession | Stockbroker |
| Net Worth Before Passing | $475 million (Rs. 3542 crores) |
| Monthly Income | $1.5 million |
| Yearly Income | $18 million |
| Key Investments | Reliance Industries Limited, ACC Limited, Apollo Tyres, Tata Steel |
| Brokerage & Research | Grow More Research and Asset Management |
| Infamous Scam | 1992 securities fraud, Harshad Mehta scam |
| Scam Loss Impact | Rs. 4,000–20,000 crores |
| Properties Owned | Worli penthouse, other residential & commercial properties |
| Luxury Cars Collection | Toyota Corolla, Lexus LS400, Mercedes Benz |
| Son | Atur Harshad Mehta (net worth ~6 crores) |
| Exposed By | Sucheta Dalal, Janakiraman Committee investigation |
| Financial Legacy | Wealth accumulation, market manipulation lessons, reforms in Indian stock market |
About Harshad Mehta
Harshad Mehta was born on July 29, 1954, in Rajkot, India, to Shantilal Mehta and Rasilaben Mehta. After completing his commerce degree from Lala Lajpatrai College, he moved to Mumbai and entered the world of finance as a stockbroker. Initially working with small brokerage firms, he soon established a reputation for manipulating Sensex movement and delivering multibagger returns on stocks.
He gained prominence in the 1980s for his aggressive investment in companies like Reliance Industries Limited, ACC Limited, Apollo Tyres, and Tata Steel, earning millions for himself and investors. His innovative methods, however, later led to scrutiny, culminating in the Harshad Mehta scam and the infamous 1992 securities fraud.
Harshad Mehta Net Worth
Before his untimely death, Harshad Mehta’s financial achievements were staggering. His net worth $475 million, equivalent to Rs. 3542 crores, was primarily accumulated through brokerage business and stock market investments. His monthly income averaged around $1.5 million, while his yearly income exceeded $18 million.
| Category | Valuation (INR) |
| Properties owned | Rs. 32.6 crores |
| Miscellaneous assets | Rs. 176.6 crores |
| Total Wealth | Rs. 3542 crores |
This immense wealth accumulation made him a symbol of success and a cautionary tale, showing the heights of profitability possible in stock market investments when combined with aggressive strategies.
Harshad Mehta Monthly Income
His monthly income averaged around $1.5 million
Harshad Mehta Son Net Worth
Harshad Mehta’s son, Atur Harshad Mehta, also known as Atur Mehta, has carried a portion of his father’s legacy into modern times. As of 2022, Harshad Mehta son net worth is estimated to be around 6 crores, reflecting more modest financial involvement compared to his father. While Atur has avoided the high-risk maneuvers of the past, his net worth includes inheritance from Harshad Mehta assets and investments managed after the infamous securities scam 1992.
Personal Life
Harshad Mehta was married to Jyoti Mehta, and together they had a son, Atur Mehta. Despite his financial prowess, Harshad’s personal life was relatively private. Known for his extravagant lifestyle, he invested in Harshad Mehta property such as a Worli penthouse, and a collection of luxury cars, including a Toyota Corolla, Lexus LS400, and Mercedes Benz.
He maintained strong family connections with relatives like Ashwin Mehta, while navigating the pressures of the financial world. His lifestyle reflected the wealth that stock market manipulation and high-stakes brokerage could generate, but also highlighted the risks inherent in the market system at that time.
Harshad Mehta Scam
The Harshad Mehta scam, or securities scam 1992, shook the Indian financial system. Using loopholes in banking procedures, Mehta manipulated the Indian stock market, inflating stock prices of companies like Reliance Industries Limited and ACC Limited. This stock market manipulation affected millions of investors and led to losses worth Rs. 4,000 crores, though some estimates suggest a total impact of over Rs. 20,000 crores.
The scam involved fraudulent practices such as bank receipts fraud and exploiting the Subsidiary General Ledger (SGL) system. Mehta’s actions highlighted weaknesses in the brokerage business and prompted widespread stock market reforms in India.
How the Scam Worked?
The mechanics of the Harshad Mehta scam relied on exploiting banking loopholes. Mehta borrowed funds from banks using bank receipts (BRs) as collateral, then invested heavily in selected stocks, inflating prices artificially. The steps included:
- Obtaining unsecured funds from banks under the guise of ready BRs.
- Investing the money in high-demand stocks, creating multibagger returns.
- Selling stocks at peak prices, repaying banks, and retaining the profits.
- Repeating the cycle to sustain wealth accumulation.
The Janakiraman Committee later investigated these practices, revealing systemic failures in the Indian stock market that allowed such manipulation.
Property and Assets
Harshad Mehta property and Harshad Mehta assets were as extravagant as his stock portfolio. He owned a Worli penthouse, multiple residential properties, and investments in commercial real estate. His luxury cars collection, including a Toyota Corolla, Lexus LS400, and Mercedes Benz, reflected his status.
| Asset Type | Description |
| Residential Property | Worli penthouse, Mumbai |
| Commercial Holdings | Various real estate investments |
| Vehicles | Toyota Corolla, Lexus LS400, Mercedes Benz |
| Miscellaneous Assets | Jewelry, art, and collectibles |
These assets contributed significantly to his net worth $475 million and showcased how wealth from stock market investments could translate into tangible lifestyle symbols.
Stocks and Investments
Mehta’s expertise in Harshad Mehta stocks made him a dominant figure in the Indian stock market. He focused on companies like Reliance Industries Limited, ACC Limited, Apollo Tyres, and Tata Steel, using Grow More Research and Asset Management for guidance.
He was known for:
- Targeting undervalued stocks and creating high demand
- Leveraging bank loans to maximize investments
- Achieving multibagger returns for himself and select investors
While his methods were later deemed illegal, they demonstrated an advanced understanding of market psychology and the brokerage business of that era.
Who Exposed Harshad Mehta?
The investigation into the 1992 securities fraud was spearheaded by financial journalist Sucheta Dalal, who first uncovered the bank receipts fraud. Her reporting exposed Mehta’s manipulation of stock market investments, bringing attention to stock market reforms and highlighting systemic weaknesses in Indian banking.
Government authorities and the Janakiraman Committee eventually confirmed the scale of the scam, ensuring reforms to prevent further market manipulation and protect investors from future financial scandals in India.
Conclusion
Harshad Mehta’s story remains an iconic chapter in the Indian stock market. From a small-town stockbroker to The Big Bull, he built immense wealth, with net worth $475 million and Rs. 3542 crores in assets, while owning spectacular Harshad Mehta property and Harshad Mehta assets. His 1992 securities fraud revealed vulnerabilities in banking and market systems, shaping stock market reforms that continue to protect investors today.
His legacy lives on through his son Atur Mehta, whose Harshad Mehta son net worth is more modest but still reflective of inherited wealth. Studying his rise and fall provides invaluable lessons in risk, ethics, and the dynamics of wealth accumulation in modern financial markets.
FAQS
How rich was Harshad Mehta?
Harshad Mehta’s net worth $475 million (Rs. 3542 crores) included massive Harshad Mehta assets, property, and stock market investments, making him one of India’s wealthiest stockbrokers.
What was the price of Harshad Mehta Lexus?
Harshad Mehta’s Lexus LS400 was a luxury car from his luxury cars collection, valued around Rs. 25–30 lakhs at the time of purchase in India.
Harshad Mehta Son Net Worth
Atur Harshad Mehta, Harshad’s son, has a net worth of approximately 6 crores, largely from inherited Harshad Mehta assets and investments post the 1992 securities scam.
What was the Harshad Mehta scam?
The Harshad Mehta scam involved stock market manipulation and bank receipts fraud, exploiting banking loopholes and causing losses exceeding Rs. 4,000–20,000 crores.
Which stocks did Harshad Mehta invest in?
Harshad Mehta focused on companies like Reliance Industries Limited, ACC Limited, Apollo Tyres, and Tata Steel, creating huge multibagger returns and dominating the Indian stock market.
Who exposed Harshad Mehta?
Financial journalist Sucheta Dalal uncovered the 1992 securities fraud, exposing Harshad Mehta’s stock market manipulation and prompting government investigations and reforms.
What properties did Harshad Mehta own?
Harshad Mehta’s property portfolio included a Worli penthouse, multiple residential and commercial holdings, along with high-value Harshad Mehta assets reflecting his immense wealth.
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